- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
- This blog has a copy of all header posts that I publish anywhere, so that those interested in seeing what my thoughts are on the markets can find them easily.
- I will be answering questions and responding to comments, so feel free to respond to any posts and I will see your comment even if it is not on the most recent post.
- If you're interested in seeing any intraday charts I post, I do that on twitter, and my twitter handle is @shjackcharts.
- The charts in the posts are as large as I can practically make them. if you would like to look at one more closely, click on it, and the link will take you to a larger version at screencast. If you click on that again, you will get a full page version, and can use the resizing function on your browser to enlarge parts of interest further.

Wednesday, 26 September 2012

Back on Script

Well I led with the TRAN chart yesterday morning and we saw a perfect and strong reversal at wedge resistance there yesterday. I have wedge support in the 4750 area, though that might not be reached of course, and I think this is most likely the key chart to watch for a signal as and when this retracement on  equities finishes. Meanwhile we are now firmly back on my original script for the post QE3 announcement retracement:
On the SPX daily chart we are seeing a test of support at the middle bollinger band and the broken SPX 1440 area pivot. I am expecting this to break, though possibly not today, and my preferred retracement target is at the channel support trendline marked on the chart:
Looking more closely at that SPX rising channel on the 60min chart I have channel support at 1408 now. My ideal retracement target would be an intersection of SPX channel support and the SPX daily lower bollinger band in the 1410 ES area in the first three days of next week. We'll see how that goes:
On the ES 60min chart I have two strong support levels above 1410 and the first at 1444.5 was broken yesterday. The second is at 1432 ES, roughly at the retest of the SPX 1440 pivot and I have a candidate channel suggesting that we could see a bounce there. If we did that would be on positive 60min RSI divergence and I'd then expect a test of channel resistance, possibly with a retest of broken 1444 support in a day or so:
I had a comment yesterday that the double-bottom setup on CL that I showed yesterday morning could also be seen as a bear flag. Obviously that's right and the key thing to watch there is whether the pattern valley high is broken to make a short term higher high. Bulkowski says that 65% of these setups never manage that and this one didn't either. CL is now testing support at 90, and on a break below I have decent support levels at 87.5 and 85. Any lower than 85 invites a full retracement of the move up from the June lows under 80:
EURUSD reversed at the declining resistance level I gave yesterday and we now have a decent resistance trendline to signal when this retracement is over. My support levels target I gave last week has now been reached at the 200 DMA and broken rising wedge resistance, but there are currently no signs to suggest reversal there. If that breaks I have next big support at rising support from the July lows, and that trendline is currently in the 1.264 area. I can say that there is some political risk here on EURUSD because I am a master of the understatement:
I'm expecting more downside but ES may find short term support at the strong 1432 support level. On an hourly close below I would expect follow-through to the downside. I would like to see my possible declining channel on ES broken quickly. Until it has been broken though that should also be borne in mind.

16 comments:

  1. These are essentially brief term loans that do produce you meet your fiscal
    concerns inside a preferred certain time period.
    Taking into consideration time limitations these
    loans are specifically developed above an obligation free of charge platform.

    As such, these are kept entirely absolutely free from credential checksums.
    Matters such as defaults, arrears, bankruptcy, CCJs and even IVAs
    are not thought to be here. Additional, there are also no collaterals connected with these loans.

    There is minimal paper perform required on the part of borrower.
    There are also no hidden or extra documentation or faxing needed here.
    Applying for these loans is also rather hassle-free.

    Consumers merely need filling an online form and when
    this gets authorized cash is received within 24 hours
    time frame. These loans are frequently supplied beneath convenient terms and situations.
    The general simple applicant criteria here is that they
    should certainly be a UK resident and of 18 years of age.
    My web blog - http://wiki.directvelo.com/

    ReplyDelete
  2. These are generally brief phrase loans that do give you meet your fiscal matters inside a desired specific time period.

    Thinking about time limitations these loans are particularly designed
    above an obligation totally free platform. As such, these are kept
    entirely zero cost from credential checksums.

    Matters such as defaults, arrears, bankruptcy, CCJs and even
    IVAs are not considered right here. Additional, there are
    also no collaterals linked with these loans.
    There is minimal paper function required on the portion of borrower.
    There are also no hidden or further documentation
    or faxing expected right here. Applying for these loans is
    also really convenient. Individuals only need filling an on the net type
    and once this gets authorized cash is received inside 24 hours
    time frame. These loans are in general supplied below convenient terms and circumstances.
    The general standard applicant criteria right here is
    that they should really be a UK resident and of 18 years of
    age.
    My web page ; click

    ReplyDelete
  3. These are generally brief phrase loans that do provide you meet your fiscal challenges inside a desired distinct time period.

    Contemplating time limitations these loans are especially
    created above an obligation zero cost platform.
    As such, these are kept completely free of charge
    from credential checksums. Challenges such as
    defaults, arrears, bankruptcy, CCJs and even
    IVAs are not viewed as right here. Additional, there are also no collaterals connected with these loans.
    There is minimal paper function expected on the aspect of borrower.
    There are also no hidden or further documentation or
    faxing needed here. Applying for these loans is also
    particularly hassle-free. Consumers simply call for filling an
    internet form and as soon as this gets authorized cash is
    received within 24 hours time frame. These loans are frequently
    offered under handy terms and situations. The basic fundamental applicant criteria right here is that they should certainly be a UK resident and of
    18 years of age.
    Also visit my homepage ... ibook21.com

    ReplyDelete
  4. These are generally brief phrase loans that do supply
    you meet your fiscal concerns within a desired distinct
    time period. Taking into consideration time limitations these loans
    are especially created above an obligation absolutely
    free platform. As such, these are kept entirely 100
    % free from credential checksums. Problems such as defaults, arrears, bankruptcy, CCJs and even IVAs are not regarded as here. Additional, there are also no collaterals connected with these loans. There is minimal paper operate necessary on the portion of borrower. There are also no hidden or further documentation or faxing needed right here. Applying for these loans is also particularly practical. Individuals only need filling an on-line form and when this gets authorized money is received within 24 hours time frame. These loans are commonly supplied under convenient terms and conditions. The basic fundamental applicant criteria here is that they should be a UK resident and of 18 years of age.
    My homepage - http://socia.us/profile/ChadwickO

    ReplyDelete
  5. These are generally short phrase loans that do offer you meet your fiscal challenges within
    a preferred certain time period. Taking into
    consideration time limitations these loans are particularly designed above an obligation
    zero cost platform. As such, these are kept entirely zero
    cost from credential checksums. Issues such as defaults, arrears, bankruptcy, CCJs and
    even IVAs are not considered here. Further, there are
    also no collaterals connected with these loans. There
    is minimal paper function needed on the element of borrower.
    There are also no hidden or additional documentation or faxing
    required right here. Applying for these loans is also really handy.
    Individuals merely call for filling an on line form and when this gets authorized money is received inside 24 hours time frame.
    These loans are commonly supplied below practical terms and circumstances.

    The general basic applicant criteria here is that they should be a
    UK resident and of 18 years of age.
    Visit my web-site - http://www.yourfaithspace.com/read_blog/9091/thirty-day-period-loans-united-kingdom-control-your-tricky-scenarios-devoid-of-any-harass

    ReplyDelete
  6. What's up, just wanted to tell you, I liked this post. It was inspiring. Keep on posting!

    My web site HOW TO EARN EASY MONEY ONLINE

    ReplyDelete
  7. First off I would like to say superb blog! I had a quick question in
    which I'd like to ask if you don't mind. I was curious to know how you center
    yourself and clear your thoughts before writing. I've had a difficult time clearing my mind in getting my ideas out. I do take pleasure in writing however it just seems like the first 10 to 15 minutes tend to be lost just trying to figure out how to begin. Any ideas or hints? Thanks!

    Here is my homepage neo bux

    ReplyDelete
  8. I could not refrain from commenting. Perfectly written!


    my web page; virtapay to lr

    ReplyDelete
  9. I truly appreciate this post. I have been looking all
    over for this! Thank goodness I found it on Bing.
    You have made my day! Thank you again!

    Also visit my web blog; aimbots

    ReplyDelete
  10. I think that is one of the most significant information for me.
    And i'm satisfied reading your article. But wanna commentary on few common issues, The website style is ideal, the articles is truly nice : D. Excellent activity, cheers

    Here is my weblog: Cracking 14 Character Complex Passwords in 5 Seconds

    ReplyDelete
  11. What i don't realize is in reality how you're not actually a
    lot more well-appreciated than you might be right now.

    You are so intelligent. You understand therefore significantly when it comes to this
    matter, produced me personally consider it from a lot of various angles.

    Its like men and women are not interested unless it is something
    to accomplish with Lady gaga! Your personal stuffs great.
    All the time take care of it up!

    My web-site ... adult Games

    ReplyDelete
  12. I visited several sites except the audio quality for audio songs current at this
    web page is in fact excellent.

    Also visit my website :: password hack

    ReplyDelete
  13. Thanks to my father who stated to me concerning this blog, this weblog is actually remarkable.


    My blog :: paid to click

    ReplyDelete
  14. Excellent goods from you, man. I have understand your
    stuff previous to and you're just too magnificent. I actually like what you've
    acquired here, certainly like what you are
    stating and the way in which you say it. You make it enjoyable and you still take care of
    to keep it smart. I cant wait to read much more from you.
    This is really a tremendous website.

    My web blog Tube toolbox

    ReplyDelete
  15. I blog quite often and I seriously thank you for your content.
    This article has truly peaked my interest. I am going to book mark your blog and keep
    checking for new details about once a week. I subscribed to your Feed as well.


    Visit my webpage; Louis Vuitton Alma

    ReplyDelete
  16. I was extremely pleased to discover this page.

    I want to to thank you for your time for this particularly fantastic read!!
    I definitely enjoyed every little bit of it and i also have you book-marked to check out new stuff on your website.


    Here is my web page; 43things.com - ,

    ReplyDelete